You are on page 1of 11

7.

79

July 31, 2018

Bursa Malaysia (BURSA MK) HOLD


2Q18: Special div surprise Share Price
12m PriceDescription
Company Target
MYR 7.79
MYR 7.25 (-7%)
Bursa Malaysia
Previous Bhd. is anMYR
Price Target exchange
7.25 holding company,
which engages in treasury management and provision
of management and administrative services.

Maintaining forecasts, HOLD call


Statistics
Bursa’s 1H18 net profit was slightly ahead of our estimates, while a
52w high/low (MYR) 8.19/4.66
special dividend also surprised on the upside. We however make no 3m avg turnover (USDm) 2.9
change to our earnings forecasts, expecting activities to ‘normalise’. Our Free float (%) 70.6
TP is also unchanged at MYR7.25 as we continue to peg on a 25x PER Issued shares (m) 807
(average of peers) on current year earnings. Market capitalisation MYR6.3B
USD1.6B
Financials

Earnings marginally ahead Major shareholders:


Capital Market Development Fund 18.6%
Bursa’s 2Q18 net profit of MYR58m (-2% YoY, -9% QoQ) lifts 1H18 net Kumpulan Wang Persaraan 13.6%
profit to MYR122m (+5% YoY), at 52% of our FY18E. The slight earnings Permodalan Nasional Bhd. 8.6%
outperformance was due to 2Q18 equity ADV remaining high at MYR2.88b
Price Performance
(we expected MYR2.6b; 1Q18: MYR2.93b) as May 2018’s ADV reached a
record high of MYR3.74b. Heavy foreign participation post GE14 on 9 May 8.5 150

(we estimate 26% foreign participation in May, 33% in June, 28% in 2Q18 8.0 140

vs. 23% in 1Q18) boosted trades. 1H18 equity ADV rose 9% YoY to 7.5 130

MYR2.9b. Derivative total contracts contracted 3% YoY in 2Q18, and 8%


Malaysia

7.0 120

YoY in 1H18. Trading revenue from equity/derivative made up 53%/14% of 6.5 110

operating revenue in 1H18 (1H17: 52%/15%). Cost items were stable. 6.0 100

5.5 90

Special dividend surprise 5.0 80

4.5 70
A first interim DPS of 14sen (1H17: 13.3sen, after adjusting for a 1-for-2 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18

bonus issue completed on 13 Apr 2018) and a special 8sen (1H17: 10sen - Bursa Malaysia - (LHS, MYR)
Bursa Malaysia / Kuala Lumpur Composite Index - (RHS, %)
adjusted) were declared; ex- on 16 Aug. The interim dividend represents
a 93% DPR which was in-line, but the special dividend (for the second -1M -3M -12M
sequential year) was a surprise. Total cash payout would amount to Absolute (%) 6 8 10
MYR177m, we estimate, vs. MYR312m cash balance as at end-Jun 2018. Relative to index (%) 1 14 10
Source: FactSet

No change to our assumptions for now


We maintain our MYR2.7b equity ADV forecast for FY18 for now, which
implies MYR2.5b equity ADV in 3Q-4Q18. Trading activities have tapered
in Jul 2018 MTD with equity ADV down to MYR2.4b (till 27 Jul). We
maintain our earnings forecasts but raise our DPS forecast for the current
year to reflect the 8sen special.

FYE Dec (MYR m) FY16A FY17A FY18E FY19E FY20E


Revenue 507 557 581 598 615
EBITDA 295 330 345 353 360
Core net profit 194 223 234 239 244
Core EPS (sen) 24.1 27.7 29.0 29.7 30.3
Core EPS growth (%) (2.8) 14.9 4.8 2.3 2.0
Net DPS (sen) 22.7 35.7 35.0 28.3 28.7
Core P/E (x) 24.0 23.7 26.8 26.2 25.7
P/BV (x) 5.4 6.2 7.8 7.7 7.6
Net dividend yield (%) 3.9 5.4 4.5 3.6 3.7
ROAE (%) 23.2 26.0 28.3 29.6 29.8
ROAA (%) 8.6 9.6 10.5 10.5 10.4
EV/EBITDA (x) 15.1 15.7 17.6 17.2 16.8
Net gearing (%) (incl perps) net cash net cash net cash net cash net cash
Consensus net profit - - 240 252 257
MKE vs. Consensus (%) - - (2.5) (5.0) (5.2)

Wong Chew Hann


wchewh@maybank-ib.com
(603) 2297 8686

THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128)
SEE PAGE 8 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Bursa Malaysia

Bursa’s results
Quarterly Cumulative
FY Dec (MYR m) 2Q18 2Q17 % YoY 1Q18 % QoQ 6M18 6M17 % YoY Comments (6M18 vs 6M17)
Operating revenue 134.3 134.8 (0.4) 144.8 (7.3) 279.1 269.4 3.6 Higher trading revenue from equity
and other operating revenue, offset
by lower trading revenue from
derivatives – see segmental below.

Other income 6.3 7.9 (20.4) 5.9 7.3 12.2 15.9 (23.5) Rental income was down 81% YoY to
MYR0.6m.
Total income 140.6 142.7 (1.5) 150.7 (6.7) 291.3 285.4 2.1
Operating expenses (55.0) (55.1) (0.1) (57.4) (4.0) (112.4) (112.8) (0.4) Stable YoY.
EBITDA 85.5 87.6 (2.4) 93.4 (8.4) 178.9 172.5 3.7
Depreciation (5.5) (6.0) (8.8) (5.6) (1.5) (11.0) (12.1) (8.6)
EBIT 80.0 81.6 (1.9) 87.8 (8.8) 167.8 160.5 4.6
Interest expense (0.1) (0.1) NM (0.1) NM (0.3) (0.3) NM
Pre-tax profit 79.9 81.5 (1.9) 87.7 (8.9) 167.6 160.2 4.6
Tax (20.0) (20.5) (2.4) (22.0) (8.9) (42.0) (40.4) 4.2 Stable effective tax rate of 25+%.
Minorities (1.6) (1.4) 18.2 (1.9) (12.5) (3.5) (3.6) (3.6)
Net profit 58.2 59.5 (2.2) 63.8 (8.7) 122.0 116.2 5.0
Core net profit 58.2 59.5 (2.2) 63.8 (8.7) 122.0 116.2 5.0

EPS (sen) 7.2 7.4 (2.7) 5.3 36.7 15.1 14.4 4.9
DPS (sen) - net 22.0 23.3 (5.7) - NM 22.0 23.3 (5.7) Interim of 14sen (6M17: 13.3sen)
and special of 8sen (6M17: 10sen),
ex-date on 16 Aug 2018.

2Q18 2Q17 +/- ppt 1Q18 +/- ppt 6M18 6M17 +/-ppt
Cost-to-income (%) 43.2 42.9 0.2 41.8 1.3 42.5 43.9 (1.4) Lower due to enhanced revenue
base in 6M18, while overall cost
was stable.
EBITDA margin (%) 60.8 61.4 (0.6) 61.9 (1.1) 61.4 60.5 0.9
EBIT margin (%) 56.9 57.2 (0.2) 58.3 (1.3) 57.6 56.2 1.4
Tax rate (%) 25.1 25.2 (0.1) 25.1 (0.0) 25.1 25.2 (0.1)

Segmental (MYR m) 2Q18 2Q17 % YoY 1Q18 % QoQ 6M18 6M17 % YoY
Trading revenue fr equity 70.3 71.6 (1.8) 76.3 (7.9) 146.5 138.8 5.6
- Equity clearing fees 55.6 58.3 (4.7) 61.4 (9.5) 117.0 112.8 3.7 ADV rose 9% YoY to MYR2.90b
contributed by foreign trades, but
effective clearing fee was down
10bps – see details below.
Trading revenue fr 19.7 19.5 1.5 19.0 4.0 38.7 40.7 (4.8) Total contracts was down 8% YoY,
derivatives on lower FCPO (-14% YoY) – see
details below.
BSAS trading revenue 3.5 3.8 (9.5) 4.0 (13.0) 7.4 7.8 (4.6)
Other operating revenue 40.8 39.9 2.2 45.6 (10.6) 86.4 82.2 5.1 Listing & issuer services revenue
rose 9% YoY to MYR31m on higher
number of corporate exercises and
structured warrants in 1H18.
Total operating revenue 134.3 134.8 (0.4) 144.8 (7.3) 279.1 269.4 3.6

Equity market
Velocity (%) 37.0 35.0 2.0 35.0 2.0 36.0 35.0 1.0
Ave daily trading value 2.88 2.81 2.5 2.93 (1.7) 2.90 2.67 8.6
(MYR b)
Total trade value (MYR b) 169.7 165.6 2.5 178.9 (5.1) 348.5 320.2 8.8
Effective clearing fee 2.15 2.34 (0.19) 2.31 (0.16) 2.23 2.33 (0.10) Lower YoY due to higher proportion
(bps) of trades subjected to the clearing
fee cap.

Derivative market
Ave daily contracts (no.) 55,594 57,482 (3.3) 54,020 2.9 54,794 59,818 (8.4)
Total contracts (m) 3.28 3.39 (3.2) 3.30 (0.6) 6.58 7.18 (8.4)
- FCPO contracts (m) 2.52 2.85 (11.6) 2.72 (7.4) 5.24 6.06 (13.5)
- FKLI contracts (m) 0.73 0.52 40.4 0.55 32.7 1.28 1.09 17.4
Sources: Company, Maybank KE

July 31, 2018 2


Bursa Malaysia

Equities: Monthly average daily value Equities: Quarterly average daily value
(Apr/May/Jun 2018: MYR2.37b, MYR3.74b, MYR2.64b) (2Q18: MYR2.88b, -2% QoQ, +3% YoY)
MYR b Daily ave value (MYR m) (LHS) Velocity (%) (RHS)
MYR m
4.0 3.7
3.5 3,000 90%
3.5 3.1 3.1
2.9 2,500 75%
3.0 2.7 2.72.7 2.6
2.5 2.4 2.5
2.5 2.4 2,000 60%
2.0
2.0 1.8
1,500 45%
1.5
1,000 30%
1.0
0.5 500 15%

- 0 0%
Jan-16

Jul

Jul
May

Sep
Nov
Jan-17

May

Sep
Nov
Jan-18

May
Mar

Mar

Mar

1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
3Q17
1Q18
Source: Company, Maybank KE Source: Company, Maybank KE

Derivatives: Monthly contracts Derivatives: Quarterly contracts


(Apr/May/Jun 2018: 1.06m, 1.02m, 1.20m) (2Q18: 3.28m, -1% QoQ, -3% YoY)

1,600
4.0
1,400 3.5
1,200 3.0
1,000 2.5
800 2.0
600 1.5
400 1.0
200 0.5
0 0.0
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
3Q17
1Q18
('000) mil
Jan-13

Jul

Jan-14

Jul

Jan-15

Jul

Jan-16

Jul

Jan-17

Jul

Jan-18

Source: Company, Maybank KE Source: Company, Maybank KE

Equities trading participation Equities market foreign ownership


(1H18: 22% retail vs. 78% institutions; 27% foreign vs. 73% (23.9% end-Jun 2018, +0.7ppt 2018 YTD)
domestic)
60 29
Retail Foreign 23.9% @ 30 Jun 2018
(Dec 2017: 23.2%; Dec 2016: 22.3%, Dec 2015: 22.8%,
50 27 Dec 2014: 24.3%, Dec 2013: 24.0%,
42
Dec 2012: 24.4%; Dec 2011: 23.1%)
40 37 37 25
35
32 31
29
30 27 27 26 26 26 27 27 27 23
24 24
22
20 21 High of 25.2% end-May 2013,
just after GE13 (5 May)
10 19
43 40 50 43 29 34 37 24 33 27 26 23 22 26 23 21 23 22
0 17
Dec 04
Apr 07
Oct 07
Apr 08
Oct 08
Apr 09
Oct 09
Apr 10
Oct 10
Apr 11
Oct 11
Apr 12
Oct 12
Apr 13
Oct 13
Apr 14
Oct 14
Apr 15
Oct 15
Apr 16
Oct 16
Apr 17
Oct 17
Apr 18
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1H18

Source: Company, Maybank KE Source: Company, Maybank KE

July 31, 2018 3


Bursa Malaysia

Bursa Malaysia: Foreign shareholding Bursa Malaysia: One-year forward PER


(27.6% end-Jun 2018, +2.5ppts 2018 YTD) (26.5x at 30 Jul 2018 close)
45% 80
40%
35% 60
30%
25% 40
Mean: 26.5x
20%
15% 20

10% -1SD: 17.4x

5% 0

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Mar-14

Mar-15

Mar-16

Mar-17

Mar-18
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Source: Company, Maybank KE Source: Bloomberg, Maybank KE

Valuations: Comparison with listed peers


Ticker P/E (x) P/BV (x) ROE (%) Div Yield (%)
CY17A CY18E CY19E CY17A CY18E CY19E CY17A CY18E CY19E CY17A CY18E CY19E
ASX Ltd ASX AU 28.5 27.0 25.8 3.3 3.2 3.2 11.5 12.0 12.4 3.1 3.3 3.5
NZX Ltd NZX NZ 20.2 17.6 16.8 4.3 4.4 4.3 21.4 24.0 25.4 5.4 5.6 6.1
Singapore Exch Ltd SGX SP 23.1 21.6 20.3 7.6 7.3 7.1 28.9 29.3 34.6 3.8 4.0 23.7
Hong Kong Exch & Clear 388 HK 39.3 30.9 27.0 7.9 7.5 7.1 21.3 25.0 27.3 2.3 3.0 3.4
Japan Exchange Group Inc 8697 JP 22.8 21.8 21.7 4.1 3.7 3.5 18.3 18.3 17.1 3.0 2.9 2.8
London Stock Exch Grp LSE LN 31.4 32.4 27.4 4.9 4.3 3.9 15.9 16.9 17.1 1.1 1.3 1.5
Deutsche Boerse AG DB1 GR 24.5 21.3 18.7 4.3 4.1 3.7 18.8 19.1 21.0 2.2 2.4 2.7
Hellenic Exch SA Hldg EXAE GA 109.0 40.5 26.9 2.2 2.4 2.4 2.4 5.2 8.2 1.3 3.1 3.6
Euronext NV ENX FP 15.6 16.2 14.7 5.3 4.5 3.9 38.2 30.7 29.1 3.2 3.0 3.4
Nasdaq Inc NDAQ US 22.1 22.5 19.7 2.7 2.8 2.6 13.0 13.6 19.3 1.5 1.8 2.0
Simple ave (ex-Bursa) 33.7 25.2 21.9 4.7 4.4 4.1 19.0 19.4 21.2 2.7 3.0 5.3

Bursa Malaysia BURSA MK 28.1 26.8 26.2 7.4 7.8 7.7 26.0 28.3 29.6 4.6 4.5 3.6
Sources: Bloomberg, Maybank KE

July 31, 2018 4


Bursa Malaysia

FYE 31 Dec FY16A FY17A FY18E FY19E FY20E


Key Metrics
P/E (reported) (x) 24.0 23.7 26.8 26.2 25.7
Core P/E (x) 24.0 23.7 26.8 26.2 25.7
P/BV (x) 5.4 6.2 7.8 7.7 7.6
P/NTA (x) 5.6 6.6 8.3 8.2 8.0
Net dividend yield (%) 3.9 5.4 4.5 3.6 3.7
FCF yield (%) 4.3 5.0 3.7 4.0 4.2
EV/EBITDA (x) 15.1 15.7 17.6 17.2 16.8
EV/EBIT (x) 16.5 16.9 19.0 18.5 18.1

INCOME STATEMENT (MYR m)


Revenue 506.8 556.8 580.8 598.1 615.0
Gross profit 294.8 330.2 345.1 352.9 359.9
EBITDA 294.8 330.2 345.1 352.9 359.9
Depreciation (24.2) (23.8) (24.3) (24.8) (25.3)
Amortisation 0.0 0.0 0.0 0.0 0.0
EBIT 270.6 306.4 320.8 328.1 334.6
Net interest income /(exp) 0.0 (0.5) 0.0 0.0 0.0
Associates & JV 0.0 0.0 0.0 0.0 0.0
Exceptionals 0.0 0.0 0.0 0.0 0.0
Other pretax income 0.0 0.0 0.0 0.0 0.0
Pretax profit 270.6 305.9 320.8 328.1 334.6
Income tax (67.9) (75.7) (79.4) (81.2) (82.8)
Minorities (9.0) (7.2) (7.5) (7.7) (7.8)
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Discontinued operations 0.0 0.0 0.0 0.0 0.0
Reported net profit 193.6 223.0 233.9 239.3 244.0
Core net profit 193.6 223.0 233.9 239.3 244.0
Preferred Dividends 0.0 0.0 0.0 0.0 0.0
BALANCE SHEET (MYR m)
Cash & Short Term Investments 305.6 271.2 220.1 244.6 272.7
Accounts receivable 67.5 63.2 65.9 67.9 69.8
Inventory 0.0 0.0 0.0 0.0 0.0
Reinsurance assets 0.0 0.0 0.0 0.0 0.0
Property, Plant & Equip (net) 183.2 179.3 176.5 174.9 174.6
Intangible assets 43.0 43.0 43.0 43.0 43.0
Investment in Associates & JVs 0.0 0.0 0.0 0.0 0.0
Other assets 1,837.0 1,668.2 1,730.6 1,776.6 1,821.7
Total assets 2,436.4 2,224.9 2,236.1 2,306.9 2,381.8
ST interest bearing debt 0.0 0.0 0.0 0.0 0.0
Accounts payable 1,479.1 1,282.0 1,333.8 1,386.2 1,440.7
Insurance contract liabilities 0.0 0.0 0.0 0.0 0.0
LT interest bearing debt 0.0 0.0 0.0 0.0 0.0
Other liabilities 70.0 80.0 81.0 80.0 80.0
Total Liabilities 1,549.1 1,362.4 1,414.3 1,466.6 1,520.9
Shareholders Equity 868.9 850.0 801.7 812.6 825.4
Minority Interest 18.3 12.5 20.0 27.7 35.5
Total shareholder equity 887.2 862.5 821.7 840.2 861.0
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Total liabilities and equity 2,436.4 2,224.9 2,236.1 2,306.9 2,381.8
CASH FLOW (MYR m)
Pretax profit 270.6 305.9 320.8 328.1 334.6
Depreciation & amortisation 24.2 23.8 24.3 24.8 25.3
Adj net interest (income)/exp 0.0 0.0 0.0 0.0 0.0
Change in working capital (9.1) 32.4 (8.3) 9.5 12.6
Cash taxes paid (67.9) (75.7) (79.4) (81.2) (82.8)
Other operating cash flow 0.0 0.0 0.0 0.0 0.0
Cash flow from operations 208.8 279.2 249.9 273.5 281.8
Capex (10.5) (13.6) (17.4) (19.2) (21.0)
Free cash flow 198.3 265.7 232.4 254.4 260.8
Dividends paid (182.3) (287.1) (282.2) (228.4) (231.1)
Equity raised / (purchased) 0.0 0.0 0.0 0.0 0.0
Perpetual securities 0.0 0.0 0.0 0.0 0.0
Change in Debt 0.0 0.0 0.0 0.0 0.0
Perpetual securities distribution 0.0 0.0 0.0 0.0 0.0
Other invest/financing cash flow (3.2) 2.8 (0.4) (0.4) (0.4)
Effect of exch rate changes 0.0 0.0 0.0 0.0 0.0
Net cash flow 12.7 (18.6) (50.1) 25.5 29.3

July 31, 2018 5


Bursa Malaysia

FYE 31 Dec FY16A FY17A FY18E FY19E FY20E


Key Ratios
Growth ratios (%)
Revenue growth (2.3) 9.9 4.3 3.0 2.8
EBITDA growth (2.5) 12.0 4.5 2.3 2.0
EBIT growth (2.9) 13.2 4.7 2.3 2.0
Pretax growth (2.9) 13.0 4.9 2.3 2.0
Reported net profit growth (2.5) 15.2 4.9 2.3 2.0
Core net profit growth (2.5) 15.2 4.9 2.3 2.0

Profitability ratios (%)


EBITDA margin 58.2 59.3 59.4 59.0 58.5
EBIT margin 53.4 55.0 55.2 54.9 54.4
Pretax profit margin 53.4 54.9 55.2 54.9 54.4
Payout ratio 94.0 128.8 120.6 95.5 94.7

DuPont analysis
Net profit margin (%) 38.2 40.1 40.3 40.0 39.7
Revenue/Assets (x) 0.2 0.3 0.3 0.3 0.3
Assets/Equity (x) 2.8 2.6 2.8 2.8 2.9
ROAE (%) 23.2 26.0 28.3 29.6 29.8
ROAA (%) 8.6 9.6 10.5 10.5 10.4

Liquidity & Efficiency


Cash conversion cycle nm nm nm nm nm
Days receivable outstanding 49.5 42.3 40.0 40.3 40.3
Days inventory outstanding nm nm nm nm nm
Days payables outstanding nm nm nm nm nm
Dividend cover (x) 1.1 0.8 0.8 1.0 1.1
Current ratio (x) 1.3 1.3 1.2 1.2 1.2

Leverage & Expense Analysis


Asset/Liability (x) 1.6 1.6 1.6 1.6 1.6
Net gearing (%) (incl perps) net cash net cash net cash net cash net cash
Net gearing (%) (excl. perps) net cash net cash net cash net cash net cash
Net interest cover (x) nm nm nm nm nm
Debt/EBITDA (x) 0.0 0.0 0.0 0.0 0.0
Capex/revenue (%) 2.1 2.4 3.0 3.2 3.4
Net debt/ (net cash) (305.6) (271.2) (220.1) (244.6) (272.7)
Source: Company; Maybank

July 31, 2018 6


Bursa Malaysia

Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Mitchell KIM Head of Research Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0634 mitchellkim@kimeng.com.hk Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 • Strategy • Internet & Telcos Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg • Strategy • Consumer • Materials • Services
Desmond CH’NG, ACA Christopher WONG Amornrat CHEEVAVICHAWALKUL
WONG Chew Hann, CA (603) 2297 8680 (852) 2268 0652 (66) 2658 6300 ext 1393
Regional Head of Institutional Research desmond.chng@maybank-ib.com christopherwong@kimeng.com.hk Amornrat.C@maybank-ke.co.th
(603) 2297 8686 • Banking & Finance • HK & China Properties • Oil & Gas
wchewh@maybank-ib.com Tanawat RUENBANTERNG
LIAW Thong Jung Jacqueline KO, CFA
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk (66) 2658 6300 ext 1394
ONG Seng Yeow
• Oil & Gas Services- Regional • Consumer Staples & Durables Tanawat.R@maybank-ke.co.th
Regional Head of Retail Research • Banks & Diversified Financials
(65) 6231 5839 ONG Chee Ting, CA Ricky NG, CFA Ornmongkol TANTITANATORN
ongsengyeow@maybank-ke.com.sg (603) 2297 8678 ct.ong@maybank-ib.com (852) 2268 0689 rickyng@kimeng.com.hk (66) 2658 6300 ext 1395
• Plantations - Regional • Regional Renewables
ornmongkol.t@maybank-ke.co.th
TAN Sin Mui • HK & China Properties • Power & Utilities • Infrastructure
Director of Research Mohshin AZIZ
(65) 6231 5849 Stefan CHANG, CFA Surachai PRAMUALCHAROENKIT
(603) 2297 8692 mohshin.aziz@maybank-ib.com
(852) 2268 0675 stefanchang@kimeng.com.hk Head of Retail Research
sinmui@kimeng.com.hk • Aviation - Regional • Petrochem
• Technology – Regional (66) 2658 5000 ext 1470
Surachai.p@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA Tony REN, CFA • Auto • Conmat • Contractor • Steel
(603) 2297 8916 samuel.y@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk
Suhaimi ILIAS • Gaming – Regional • Media Ekachai TARAPORNTIP Deputy Head
• Healthcare & Pharmaceutical
Chief Economist 66) 2658 5000 ext 1530
Malaysia | Philippines | China TAN Chi Wei, CFA Wendy LI Ekachai.t@maybank-ke.co.th
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0647 wendyli@kimeng.com.hk Sutthichai KUMWORACHAI Deputy Head
suhaimi_ilias@maybank-ib.com • Power • Telcos • Consumer & Auto (66) 2658 5000 ext 1400
sutthichai.k@maybank-ke.co.th
CHUA Hak Bin WONG Wei Sum, CFA INDIA • Energy • Petrochem
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com
Suttatip PEERASUB
(65) 6231 5830 • Property Jigar SHAH Head of Research (66) 2658 5000 ext 1430
chuahb@maybank-ke.com.sg (91) 22 6623 2632 jigar@maybank-ke.co.in suttatip.p@maybank-ke.co.th
LEE Yen Ling • Media • Commerce
• Strategy • Oil & Gas • Automobile • Cement
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com
Singapore • Building Materials • Glove • Ports • Shipping Termporn TANTIVIVAT
Vishal MODI (66) 2658 5000 ext 1520
(65) 6231 5844
leejuye@maybank-ke.com.sg Ivan YAP (91) 22 6623 2607 vishal@maybank-ke.co.in termporn.t@maybank-ke.co.th
(603) 2297 8612 ivan.yap@maybank-ib.com • Banking & Financials • Property
Dr Zamros DZULKAFLI • Automotive • Semiconductor • Technology Jaroonpan WATTANAWONG
(603) 2082 6818 Neerav DALAL (66) 2658 5000 ext 1404
zamros.d@maybank-ib.com Kevin WONG (91) 22 6623 2606 neerav@maybank-ke.co.in jaroonpan.w@maybank-ke.co.th
(603) 2082 6824 kevin.wong@maybank-ib.com • Software Technology • Telcos • Transportation • Small cap
Ramesh LANKANATHAN • REITs • Consumer Discretionary
Sorrabhol VIRAMETEEKUL
(603) 2297 8685 Vishal PERIWAL
ramesh@maybank-ib.com LIEW Wei Han Head of Digital Research
(91) 22 6623 2605 vishalperiwa@maybank- (66) 2658 5000 ext 1550
(603) 2297 8676 weihan.l@maybank-ib.com ke.co.in sorrabhol.V@maybank-ke.co.th
FX • Consumer Staples • Infrastructure • Food, Transportation
Saktiandi SUPAAT Adrian WONG Wijit ARAYAPISIT
Head, FX Research INDONESIA (66) 2658 5000 ext 1450
(603) 2297 8675 adrian.wkj@maybank-ib.com
(65) 6320 1379 • Constructions • Healthcare Isnaputra ISKANDAR Head of Research wijit.a@maybank-ke.co.th
saktiandi@maybank.com.sg (62) 21 8066 8680 • Strategist
Jade TAM isnaputra.iskandar@maybank-ke.co.id
Christopher WONG VIETNAM
(603) 2297 8687 jade.tam@maybank-ib.com • Strategy • Metals & Mining • Cement
(65) 6320 1347
wongkl@maybank.com.sg • Media • Building Materials Rahmi MARINA LE Hong Lien, ACCA
(62) 21 8066 8689 Head of Institutional Research
Leslie TANG Mohd Hafiz Hassan rahmi.marina@maybank-ke.co.id (84 28) 44 555 888 x 8181
(603) 2082 6819 mohdhafiz.ha@maybank-ib.com
(65) 6320 1378 • Banking & Finance lien.le@maybank-kimeng.com.vn
leslietang@maybank.com.sg • Small & Mid Caps • Strategy • Consumer • Diversified
Aurellia SETIABUDI
TEE Sze Chiah Head of Retail Research (62) 21 8066 8691
Fiona LIM THAI Quang Trung, CFA,
(603) 2082 6858 szechiah.t@maybank-ib.com aurellia.setiabudi@maybank-ke.co.id
(65) 6320 1374 Deputy Head, Institutional Research
• Property
fionalim@maybank.com.sg (84 28) 44 555 888 x 8180
Nik Ihsan Raja Abdullah, MSTA, CFTe
Janni ASMAN trung.thai@maybank-kimeng.com.vn
(603) 2297 8694
STRATEGY nikmohdihsan.ra@maybank-ib.com
(62) 21 8066 8687 • Real Estate • Construction • Materials
janni.asman@maybank-ke.co.id
Sadiq CURRIMBHOY • Cigarette • Healthcare • Retail LE Nguyen Nhat Chuyen
Global Strategist SINGAPORE (84 28) 44 555 888 x 8082
(65) 6231 5836 Neel SINHA Head of Research PHILIPPINES chuyen.le@maybank-kimeng.com.vn
sadiq@maybank-ke.com.sg (65) 6231 5838 neelsinha@maybank-ke.com.sg • Oil & Gas
Minda OLONAN Head of Research
• Strategy • Industrials
Willie CHAN (63) 2 849 8840 NGUYEN Thi Ngan Tuyen,
• SMID Caps – Regional
Hong Kong / Regional minda_olonan@maybank-atrke.com Head of Retail Research
(852) 2268 0631 CHUA Su Tye • Strategy (84 28) 44 555 888 x 8081
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg Katherine TAN tuyen.nguyen@maybank-kimeng.com.vn
• REITs (63) 2 849 8843 • Food & Beverage • Oil&Gas • Banking
FIXED INCOME kat_tan@maybank-atrke.com
Derrick HENG, CFA TRUONG Quang Binh,
• Banks • Conglomerates • Ports
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg Deputy Head, Retail Research
(65) 6231 5831 • Property • REITs (Office) Luis HILADO (84 28) 44 555 888 x 8087
winsonphoon@maybank-ke.com.sg (65) 6231 5848 luishilado@maybank-ke.com.sg binh.truong@maybank-kimeng.com.vn
Luis HILADO • Telcos • Rubber Plantation • Tyres & Tubes • Oil & Gas
Se Tho Mun Yi (65) 6231 5848 luishilado@maybank-ke.com.sg
(603) 2074 7606 • Telcos Romel LIBO-ON TRINH Thi Ngoc Diep
munyi.st@maybank-ib.com (63) 2 849 8844 (84 28) 44 555 888 x 8208
LAI Gene Lih romel_libo-on@maybank-atrke.com diep.trinh@maybank-kimeng.com.vn
(65) 6231 5832 laigenelih@maybank-ke.com.sg • Property • Technology • Utilities • Construction
• Technology
Kayzer Llanda NGUYEN Thi Sony Tra Mi
(63) 2 849 8838 (84 28) 44 555 888 x 8084
Kayzer_Llanda@maybank-atrke.com mi.nguyen@maybank-kimeng.com.vn
• Utilities • Port Operation • Pharmaceutical
• Food & Beverage

NGUYEN Thanh Lam


(84 28) 44 555 888 x 8086
thanhlam.nguyen@maybank-kimeng.com.vn
• Technical Analysis

July 31, 2018 7


Bursa Malaysia

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation
of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions
or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different
methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns
may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does
not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek
financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its
subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such.
Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives” ) shall not be liable for any direct, indirect or consequential
losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior
notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”,
“forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such
forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to
differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims
any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of
unanticipated events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or
invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or
other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in
the material presented in this report. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent
permitted by law.
This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or
manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where
such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law.
The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional
disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations
apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no
obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising
from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore
Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand)
Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability whatsoever for the actions of third parties in this respect.
Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in
either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank-ke.co.th) while Maybank Kim Eng Institutional Research is
intended only for institutional investors based outside Thailand only.
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and
Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the
public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MBKET does
not confirm nor certify the accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the
policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information
received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2),
or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment
of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that
date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of the assessment result.
US
This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended)
only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All
responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any
legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material
concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned
within must do so with: Maybank Kim Eng Securities USA Inc. 400 Park Avenue, 11th Floor, New York, New York 10022, 1-(212) 688-8886 and not with, the issuer of this report.

July 31, 2018 8


Bursa Malaysia

UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct Authority and is for
Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any
inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the
individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own
independent tax advisers.
DISCLOSURES

Legal Entities Disclosures


Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of
Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is
regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is
regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of
Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities
and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK
(Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of
India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1
Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID
27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Conduct Authority.

Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may
have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to
those companies.

Singapore: As of 31 July 2018, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore,
Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have
interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 31 July 2018, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 31 July 2018, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not
hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research
report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the
research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the
entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned
or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s
compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and
assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and
forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a
structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

July 31, 2018 9


Bursa Malaysia

Historical recommendations and target price: Bursa Malaysia (BURSA MK)

31 Jan 27 Apr 6 Feb 26 Apr


Hold : RM5.9 Hold : RM6.9 Hold : RM7.1 Hold : RM7.3
9.0

8.0

7.0

6.0

5.0

4.0
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

Bursa Malaysia

Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.

July 31, 2018 10


Bursa Malaysia

 Malaysia  Singapore  London  New York


Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA
(A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc
Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 400 Park Avenue, 11th Floor
33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, New York 10022,
100 Jalan Tun Perak, London EC4V 4AY, UK U.S.A.
50050 Kuala Lumpur Tel: (65) 6336 9090
Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Tel: (212) 688 8886
Fax: (603) 2078 4194 Fax: (44) 20 7332 0302 Fax: (212) 688 3500

Stockbroking Business:  Hong Kong  Indonesia  India


Level 8, Tower C, Dataran Maybank,
Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd
No.1, Jalan Maarof 28/F, Lee Garden Three, Sentral Senayan III, 22nd Floor 2nd Floor, The International,
59000 Kuala Lumpur
1 Sunning Road, Causeway Bay, Jl. Asia Afrika No. 8 16, Maharishi Karve Road,
Tel: (603) 2297 8888
Hong Kong Gelora Bung Karno, Senayan Churchgate Station,
Fax: (603) 2282 5136
Jakarta 10270, Indonesia Mumbai City - 400 020, India
Tel: (852) 2268 0800
Fax: (852) 2877 0104 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600
Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia


Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with
17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital
Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah
Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz
Rama 1 Road Pathumwan, Street P.O. Box 126575
Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Jeddah 21352
Fax: (63) 2 848 5738 Fax : (84) 8 38 271 030
Tel: (66) 2 658 6817 (sales) Tel: (966) 2 6068686
Tel: (66) 2 658 6801 (research) Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading


Kevin Foy Andrew Lee
Regional Head Sales Trading andrewlee@kimeng.com.hk
kevinfoy@maybank-ke.com.sg Tel: (852) 2268 0283
Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635
US Toll Free: 1-866-406-7447

Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820

Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221

New York India


James Lynch Sanjay Makhija
jlynch@maybank-keusa.com sanjaymakhija@maybank-ke.co.in
Tel: (212) 688 8886 Tel: (91)-22-6623-2629

Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com

July 31, 2018 11